Crypto liquidations hit $608 million as Ether longs unwind, with a $26.64 million hit on Binance

Traders using leveraged positions were the main group touched by the liquidations, and the biggest snapshots show that long positions made up most of the volume. On Oct. 5, the activity was visible across venues including Binance, Bybit and OKX, so users watching those markets would have seen the impact directly in the same trading session.

In practice, the market state described here is one where long exposure was unwound at scale, while Ether stood out as the largest single asset share in one of the reports. The liquidation data do not show any change in trading rules or exchange access; they show a large amount of positions being closed out across the same venues and time window. (per tokenpost.com)

Total crypto marketall crypto assets combined no single asset in the event: read against the whole market

The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.